We do have brokers on the site, however if they are caught circulating sellers assets off the platform, we will address it. We now have users verify their identities and if they're passing around assets as their own or trying to broker in that manner we will address it. We're sensitive to that because we know that isn't what sellers came to the site to have happen.
As for brokers trying to broker notes to note buyers, we've got over 4000 users so a lot of the current note buyers are there now. Plus we've got an active outbound campaign where we reach out to different buyers around the nation to cutdown on the middle markup pricing.
I hope that answers your questions, if not please respond and I will be happy to answer any further questions you may have.
Originally posted by
@Candace Pinkston:
@Brett Burky
Hi I have a question cascade funding website said this:
6. Our on-line note exchange puts buyers and sellers of notes together!
The Truth: These so-called on-line exchanges or networks are often just marketing devices used by unscrupulous brokers to locate notes. To make matters worse, they often promote these web sites to other unsuspecting brokers! They tell them they can use this exchange to find notes and broker them to investors. It's amazing anyone falls for this. First of all, any note listed on these web sites has probably already been screened by the web site promoter. If the note is worthy of purchase, the broker has already tried to buy or broker it. Therefore, the note seller hasn't gained anything special by listing their note on the exchange since only the site promoter has seen it. They haven't exposed their note to many investors, as the exchange promotes, unless their note is no good. That is, if there's something that makes their note very risky and, therefore, not investment grade their note will be listed on the exchange. Then you get hundreds of seminar graduate note brokers all running around trying to find an investor to purchase these poor notes. Note buyers will look at them but will not make offers to purchase these kinds of notes. The result is that everyone has wasted their time and money. Many times brokers will simply email us a link to these exchanges asking if we'd like to purchase any of these notes and if so to send them a commission check if we do. Or, they'll print off page after page of information on these worthless notes, directly from the exchange's web site, and fax them to us for any offers we can make to purchase them. Serious note buyers do not respond to requests like this and will never work with brokers who waste their time in this manner.
Is this true for your website/company? Thanks for your time. Any information from anyone is welcome.
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